OpenLedger, a blockchain platform designed for artificial intelligence applications, has successfully secured $8 million in its initial funding round. The funding was primarily spearheaded by Polychain Capital and Borderless Capital.
OpenLedger offers an infrastructure that allows users to manage data throughout its lifecycle without requiring permission. This infrastructure empowers developers to design more intelligent and efficient models using data that can be verified.
The round of investment also includes participation from Finality Capital, Hash3, HashKey Capital, STIX, TRGC, Mask Network, MH Ventures, WAGMI Ventures, as well as notable angel investors such as Sreeram Kannan (EigenLabs), Balaji Srinivasan, Sandeep Nailwal (Polygon), Kenny Li (Manta), Scott Moore (Gitcoin), Chainyoda, Vyas Krishnan (EigenLabs), Sebastien Borget (Sandbox), Alan Curtis (EigenLabs), Trevor (Polymath), Aniket Jindal (Biconomy), Paul Taylor (Ex BlackRock), and Dino (Fluent Labs).
OpenLedger’s strategy for improving AI is founded on three fundamental elements: data, processing power, and algorithms. The limitation that currently poses the greatest obstacle in AI development is the availability and quality of data, as it directly impacts the effectiveness of AI models that are built upon it.
OpenLedger fills this void by providing a fully unrestricted and auditable data-focused framework, stimulating the expansion and advancement of artificial intelligence. The team has a demonstrated history of working in the field of decentralization with well-known firms like as Sony, Walmart, Polygon, Hedera, and Flow (Dapper Labs).
The AI market has undergone significant expansion, increasing from $50 billion in 2023 to $184 billion in 2024, and is projected to surpass $826 billion by 2030. Polychain Capital and Borderless Capital are of the opinion that OpenLedger is addressing a critical issue that will facilitate significant expansion in the overall acceptance and implementation of Web3 and AI in various new scenarios.
